you re in the cnn newsroom. i m don lemon. we begin with this tonight. president obama has wanted tax increases to help the economy all along, but republicans resisted. now mr. obama is going back tat to help pay for his new jobs plan. and come monday morning, you are going to be hearing all about it when he announces details of the so-called buffett rule, named after one of the richest men in the world, warren buffett. it s a tax on millionaires to make sure they don t pay a smaller percentage than the nation s middle class. as our chief political correspondent candy crowley reports, there s already an uproar in washington. reporter: the president s plan to pay for his jobs program includes the idea of a millionaire minimum tax rate. at least as high as middle class rates. the administration calls it the buffett rule for billionaire investor warren buffett. i have a lower tax rate, counting payroll taxes, than anybody in my office. reporter: it s a catchy moniker des
we re talking about on wealthy americans. some of the taxes we have talked about before, limiting those itemized deductions that the wealthy take. closing loopholes on hedge fund managers, oil and gas companies, corporate jet owners and also letting the bush era tax cuts for the wealthiest americans expire when they are set to. also a little more than $1 trillion in war savings. of course, we do know that the wars in afghanistan and iraq are already going to be winding down. and that s something that republicans are hitting on. and frequently both sides have used this when they do their math. and then also interest savings, kiera. $430 billion there the white house says, and that s because if you don t owe the money, you don t have to pay interest on it so the money would be saved there. all right. bre brianna keilar at the white house watching that for us. christine romans, let s break it down and talk specifically about which americans will pay for these cuts. well, let
about this for years and under the president s plan anyone making more than $1 million a year would paper the same percentage of taxes at the middle class. boy, it does not sit well with republicans. when you pick one area of the economy and say we re going to tax those people, because most people are not those people, that s class warfare. warren buffett has been honest and others i know who have haven t fortunate in life and wealthy say, for goodness sake, raise my taxes if that s going to help this economy move forward. brianna keilar is on the phone in washington with more details of the president s plan. depending on your perspective it s class warfare or sharing the burden. reporter: that s right. you re going to hear a lot more of that playing out today after the president unveils his plan in the rose garden at 10:30 a.m. let s look overall as what it is. it would save, according to the white house, $3 trillion over ten years bp twice what this super committee
we begin with this, president obama has wanted tax increases all along, but the republicans resisted, but now mr. obama is helping to pay for his new jobs plan and come monday morning your going to hear all about it when he announces details of the so-called buffett role, named after warren buffett. a tax on millionaires to make sure they don t pay a smaller percentage than the nation s middle class and as candy crawly reports there s already an uproar in washington. reporter: the president s plan to pay for his jobs program includes the idea of a millionaire minimum tax rate. at least as high as middle class rates. the administration calls it the buffett rule, for billionaire investor warren buffett. i have a lower tax rate, counting payroll taxes, than anybody in my office. reporter: it s catchy moniker, although republicans call it something else entire. i when you pick one area of the economy and say we re going to tax those people, it s class warfare. class war
been tepid. in the latest new york times /cbs poll, americans are split on whether the jobs plan will actually create jobs. as for the president s own employment, there is open democratic fear he s a one-termer. the vibe was bad enough this week that top obama campaign strategist sent a memo to reporters noting that the president s support from the democratic base is strong. the same cannot be said of independents. 54% disapprove of how he s doing his job. things can change between now and november 2012. the more immediate question is whether president obama has the political capital to sell his jobs plan to the public and push it through congress. joining us now, the number two democrat in the senate, senator dick durbin. thank you so much for being here. and let s just start with that question. we do see a president who s being openly criticized by democrats, whose poll numbers are falling, a weak economy. and people just not really sure this jobs plan is going to work.